Synopsis: Estate planning transcends the act of writing a Will. It is an intricate process that ensures wealth transfer to loved ones with minimal tax burdens, reduced financial leakages, and the avoidance of potential family disputes. This seminar dives deep into the overlooked challenges in estate planning and offers solutions to navigate complex issues such as US Estate Duty on stocks and assets. Participants will also learn practical strategies for transferring income-generating property to beneficiaries seamlessly.
Key Takeaways:
1. Understanding Estate Planning Challenges: Explore overlooked pitfalls that can complicate wealth transfer and learn how to address them effectively.
2. Demystifying US Estate Duty: Gain insights into how US Estate Duty impacts ownership of US stocks and assets.
3. Efficient Property Transfer Strategies: Learn actionable methods to transfer income-generating property to beneficiaries while minimizing hassle and ensuring tax efficiency.
Event Details
Date & Time: 29th May 2025, 7.00pm – 9.00pm Thursday
Mr. Kenny Loh is a Certified Estate Planning Consultant and also a CERTIFIED FINANCIAL PLANNER (CFP). Kenny has more than 10 years in Holistic Estate Planning experience, using a unique “3-in-1 Will, LPA and Standby Trust” solution, to address his client’s social consideration, legal obligation, emotional needs and family’s harmony in his approach. Kenny has Double Master degree in Business Administration and Electrical Engineering, and also an AEPP (Associate Estate Planning Practitioner) jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of The United Kingdom, in collaboration with Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
Technical Analysis of FTSE ST REIT Index (FSTAS351020)
FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) decreased from 628.61 to 631.68 (0.49%) compared to last month’s update. Following the flash crash in April 2025 due to Trump’s Tariff, the REIT index get close to similar level last seen in the March 2020 COVID crash (586). It has since recovered, but not fully. Immediate support is at 622, tested 4 times between April 2024 and most recently on 15th May.
Short-term direction: Sideways
Medium-term direction: Sideways
Long-term direction: Sideways
Immediate Support: Blue Support Line (622), followed by 586 (Mar 2020 crash)
The following is the compilation of 38 Singapore REITs with colour-coding of the Distribution Yield, Gearing Ratio and Price to NAV Ratio.
The Financial Ratios are based on past data and these are lagging indicators.
REITs highlighted in orangehave the latest Q4 2024 values, otherwise they have the Q3 2024 values.
I have introduced weighted average (weighted by market cap) to the financial ratios, in addition to the existing simple average ratios. This is another perspective where smaller market cap REITs do not disproportionately affect the average ratios. As of May 2025 I have removed EC World REIT from these calculations.
Following its delisting, Paragon REIT will be removed from the next update onwards.
FY DPU: If Green, FY DPU for the recent 4 Quarters is higher than that of the preceding 4 Quarters.If Lower, it isRed.
Yield (ttm): Yield, calculated by DPU (trailing twelve months) and Current Price as of May 16th, 2025.
Gearing (%): Leverage Ratio.
Price/NAV: Price to Book Value. Formula: Current Price over Net Asset Value per Unit.
Yield Spread (%): REIT yield (ttm) reference to Gov Bond Yields. REITs are referenced to SG Gov Bond Yield.
As of May 2024, all REITs’ Yield Spread will be referenced to SG Gov Bond Yields, regardless of trading currency.
Price/NAV Ratios Overview
Price/NAV decreased to 0.76 (Weighted Average: 0.76)
Decreased from 0.93 in March 2025.
Singapore Overall REIT sector is slightly undervalued
Most overvalued REITs (based on Price/NAV)
ParkwayLife REIT
1.70
Keppel DC REIT
1.40
Capitaland Ascendas REIT
1.20
Mapletree Industrial Tr
1.15
Frasers Hospitality Trust
1.08
Paragon REIT
1.04
EC World REIT is currently suspended, however at current Price and NAV/Unit values it has a value of 7.00 (N.M)
Most undervalued REITs (based on Price/NAV)
Lippo Malls Indonesia Retail Trust
0.18
Prime US REIT
0.25
Keppel Pacific Oak US REIT
0.28
Manulife US REIT
0.30
Acrophyte Hospitality Trust
0.32
OUE REIT
0.48
Distribution Yields Overview
TTM Distribution Yield decreased slightly to 6.27%. (Weighted Average decreased to 6.17%)
Decreased from 6.30% in March 2025. (Weighted Average was 6.27%)
19 of 38 Singapore REITs have ttm distribution yields of above 7%.
Highest Distribution Yield REITs (ttm)
IREIT Global
11.51
ESR REIT
9.59
Sasseur REIT
9.50
Stoneweg European REIT
9.42
Elite UK REIT
9.26
United Hampshire REIT
9.02
Reminder that these yield numbers are based on current prices.
Some REITs opted for semi-annual reporting and thus no quarterly DPU was announced.
A High Yield should not be the sole ratio to look for when choosing a REIT to invest in.
Yield Spread widened to 3.93%. (Weighted Average tightened slightly to 3.79%)
Widened from 3.66% in March 2025. (Weighted Average was 3.90%)
From May 2024 onwards, all my yield spread measurements are now in relation to SG Gov Bond Yields, no longer a mix with US Gov Bond Yields.
Gearing Ratios Overview
Gearing Ratio increased to 39.80%.(Weighted Average: 38.27%)
Increased from 38.29% in March 2025. (Weighted Average: 38.15%)
Gearing Ratios are updated quarterly. All values are based on the most recent Q4 2024 updates.
S-REITs Gearing Ratio has been on a steady uptrend. It was 35.55% in Q4 2019.
Highest Gearing Ratio REITs
Manulife US REIT
59.4
EC World REIT
56.8
Prime US REIT
46.8
Lippo Malls Indonesia Retail Trust
44.2
Keppel Pacific Oak US REIT
43.7
Suntec REIT
43.4
MUST and EC World REIT’s gearing ratio has exceeded MAS’s gearing limit of 50%. However, the aggregate leverage limit is not considered to be breached if exceeding the limit is due to circumstances beyond the control of the REIT Manager.
Market Capitalisation Overview
Total Singapore REIT Market Capitalisation increased by 0.47% to S$88.23 Billion.
Increased from S$87.81 Billion in March 2025.
Biggest Market Capitalisation REITs (S$m):
Capitaland Integrated Commercial Trust
15034.85
Capitaland Ascendas REIT
11572.00
Mapletree Pan Asia Commercial Trust
6369.32
Mapletree Logistics Tr
5624.37
Mapletree Industrial Tr
5587.96
Keppel DC REIT
4727.26
Smallest Market Capitalisation REITs (S$m):
Lippo Malls Indonesia Retail Trust
76.97
Manulife US REIT
128.45
Acrophyte Hospitality Trust
133.42
Prime US REIT
183.12
Elite UK REIT
184.20
Keppel Pacific Oak US REIT
198.45
Disclaimer: The above table is best used for “screening and shortlisting only”. It is NOT for investing (Buy / Sell) decision. If you want to know more about investing in REITs, scroll down for more information on the REITs courses.
Top 10 Best/Worst Performers of May 2024
ESR REIT is not taken into account due to the recent share consolidation on 5th May.
Singapore REITs sector is within a range between 620 and 660. The US 10Y Risk Free Rate has increased to 4.48%, while the SG 10Y Risk Free Rate decreased by 0.13%. This explains the widening in Yield Spread of S-REITs w.r.t to the SG Risk Free Rate.
Singapore REITs sector has very strong inversed correlation with US 10Y Risk Free Rate and it is predicted the Singapore REIT may reverse to uptrend once there is a confirm trend reversal of the risk free rate.
US 10 Year Risk Free Rate
Fundamentally, the S-REIT sector is trading at a 24% discount to its fair value, with an average trailing twelve-month (TTM) yield of 6.27%. This is very undervalued and at levels only seen previously in the March 2020 COVID crash.
According to the current Fed Fund Rate projections from the CME Group, the market expects a 25 basis point cut by Q3 2025. The cut in interest rate will help to boost the DPU of the REITs which have shorter debt maturity profile and higher percentage of floating rate. However, the impact will only be reflected in the financial statement probably in Q3 or Q4 2025.
Kenny Loh is a distinguished Wealth Advisory Director with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
In addition to his advisory role, Kenny is an esteemed SGX Academy trainer specializing in S-REIT investing and regularly shares his insights on MoneyFM 89.3. He holds the titles of Certified Estate & Legacy Planning Consultant and CERTIFIED FINANCIAL PLANNER (CFP).
With over a decade of experience in holistic estate planning, Kenny employs a unique “3-in-1 Will, LPA, and Standby Trust” solution to address clients’ social considerations, legal obligations, emotional needs, and family harmony. He holds double master’s degrees in Business Administration and Electrical Engineering, and is an Associate Estate Planning Practitioner (AEPP), a designation jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of the United Kingdom and Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
Beyond the boardroom: Join REITside Talk for exclusive insights and expert interviews as the brand-new series takes on a relaxed manner exploration of REIT properties
In our second episode, we speak on the impact of US tariffs on Europe. As a preview, we’re sharing a special segment focusing on this week’s key themes: Tariffs, Turbulence & Tailwinds. Discover the surprising connection between Trump-era tariffs, declining interest rates, and Europe’s semiconductor goals—and how Stoneweg European REIT is strategically positioned within this evolving European real estate landscape.
We speak to Simon Garing, CEO of Stoneweg European REIT.
US 10 Year Risk Free Rate